October 18 (SeeNews) - Bulgarian second-hand fashion startup Nold said on Wednesday it has raised 1 million euro ($1.05 million) in a seed round which will support the launch and adoption of its fashion resale platform in the first quarter of 2024, with a primary focus on the UK market.
The fundraising round was led by existing Prague-based backer Tilia Impact Ventures, with additional participation by a consortium of venture capital and strategic investors Depo Ventures, Czech Founders, Sofia Angels Ventures, New Vision 3 and four angel investors, Nold said in a press release.
Founded in 2021, Nold seeks to address ESG concerns surrounding the environmental impact of the fashion industry by offering a peer-to-peer fashion resale platform for sustainable, premium and entry-luxury brands.
"Brands only need to supply their product database and, in return, capture either 10% of the resale value in net profit or 90% in revenue, depending on what payout alternative the seller chooses," Nold said.
The start-up has formed an advisory board that includes Maylis Buonomo, former head of social impact & sustainability communication at Chloé; Leon Evers, director brand office operations at Tommy Hilfiger; and Dax Lovegrove, former sustainability head at Jimmy Choo, Versace and Swarovski, and currently in the same role at London consultancy Salterbaxter.
($ = 0.9455 euro)